March 10, 2023 – Veteran Condominium and Co-op attorney, Ian Brandt, Partner in the Real Estate Law practice was featured in the Bankrate article “Buying a House With a Friend,” where he offered expert legal advice on the proper procedure of shared homeownership.
Acknowledging that shared homeownership among friends is not uncommon, Brandt encouraged readers to consider formal agreements between co-owners to protect themselves and their investments.
Co-owners should first reach an agreement about their intent for the property, such as a primary residence or an investment property. In addition, co-owners should create a contract that determines the fate of the property in the event that one owner wishes to sell or passes away.
According to Brandt, the most important aspect of shared homeownership is to draft a written agreement with all parties involved.
To read the full article, click here.